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Pokémon Go hit the game app world by storm and became an overnight sensation with millions using their smartphones to “capture” Pokémon scattered across the world. What can the massive success of this child’s game teach the ARM Industry?
The answer is sitting on your desk. The popularity of the Pokémon Go app highlights the importance and even dependency Americans have on their smartphones. Consumers don’t want to just connect with others through their phones. They don’t just want to surf the web. They want to interact with their phone and with others through their phone.
Preferred Method of Communication
Many ARM agencies are hesitant to capitalize on the massive popularity of smartphones, yet this is clearly the consumer’s preferred method of communication. Whether you are reaching them by phone, text, or email, the smartphone brings these communication channels to one central location for the consumer. Getting the consumer to interact with their debt through the smartphone directly in front of them will lead to higher rates of success for these agencies. The current gaming craze should teach bill collectors just how important the consumer’s smartphone is. Progressive companies are creating collection strategies that match the consumers desire to interact through a smartphone.
Increasing Collection Rates
Today some companies are saving money and increasing collection rates by directing consumers to online payments sites, IVR trees, and various other methods that do not include a live agent. Most consumers are interacting with these applications via their smartphone with high rates of success. Payments made via a consumer’s mobile phone make up approximately 20% of PDCflow’s online payments received, which is an increase of 18% compared to 2015.
Compliance concerns are one of the biggest issues faced in the ARM industry and obtaining an eSignature to meet the Reg E requirements can be tricky. Some companies get around this by allowing the consumer to receive a text or email with a link, which then directs them to sign a reoccurring payment agreement right on their smartphone.
Even with this advanced technology, only the leading edge companies have implemented this strategy to date. Many agencies and law firms are still mailing payment arrangement agreements to the consumer using the Postal Service with very limited success.
Success in today’s marketplace requires collection companies to use every tool necessary to secure money from the consumer, especially when they are on the phone with an agent or on your website. Waiting for a postal letter or an email to be delivered and returned leads to disconnects and lower collection numbers. It takes far too long in today’s fast-paced technological world.
And what’s more, let’s not forget the fresh lessons of Pokémon Go. Increasingly, consumers live by and through their smartphones. And on those phones, they expect seamlessness and a certain quality of user interface. Company interactions are no exception. Consumer live through their phones and when they deal with companies, for any reason, they expect quality engagement through their smartphones. Of course, compliance is always going to be a concern, but ARM companies that haven’t grappled with ways to make their consumer engagements easier and smartphone-centric are only going to see their recovery rates continue to fall.
PDCflow has a cloud based solution that can push an electronic signature request to the consumer and then displays the consumer signature in real time to the collection agent. This allows the complete repayment transaction to occur within seconds on the consumers smartphone. This flexible work flow solution is designed to meet the everchanging demands of regulation for the ARM industry.
For more information on Electronic Signatures for Regulation E Compliance, please call PDCflow at 877-732-4814 to schedule a demo.